Central Pacific Bank Trust Division Sells 3,837 Shares of Salesforce, Inc. (NYSE:CRM)

Central Pacific Bank Trust Division lowered its holdings in Salesforce, Inc. (NYSE:CRM - Free Report) by 24.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,822 shares of the CRM provider's stock after selling 3,837 shares during the period. Central Pacific Bank Trust Division's holdings in Salesforce were worth $3,173,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bernard Wealth Management Corp. bought a new stake in Salesforce during the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC bought a new stake in Salesforce during the 4th quarter worth approximately $27,000. Arlington Trust Co LLC increased its holdings in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after acquiring an additional 40 shares during the period. Compass Financial Services Inc bought a new stake in Salesforce during the 4th quarter worth approximately $30,000. Finally, Asset Planning Inc bought a new stake in Salesforce during the 4th quarter worth approximately $31,000. Institutional investors own 80.43% of the company's stock.

Wall Street Analyst Weigh In

CRM has been the topic of a number of analyst reports. BMO Capital Markets decreased their target price on shares of Salesforce from $367.00 to $350.00 and set an "outperform" rating on the stock in a report on Tuesday, May 27th. Stifel Nicolaus cut their price objective on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Robert W. Baird dropped their price target on shares of Salesforce from $430.00 to $400.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Jefferies Financial Group dropped their price target on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Finally, Needham & Company LLC reissued a "buy" rating and set a $400.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $343.32.

Insider Transactions at Salesforce

In other news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $277.37, for a total value of $1,725,518.77. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares of the company's stock, valued at $12,967,047.50. This represents a 11.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $275.00, for a total transaction of $137,500.00. Following the transaction, the chief accounting officer now owns 11,711 shares in the company, valued at approximately $3,220,525. This trade represents a 4.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,332 shares of company stock worth $11,024,802 in the last 90 days. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Down 1.5%

NYSE:CRM traded down $4.09 on Monday, reaching $261.28. 9,203,251 shares of the stock traded hands, compared to its average volume of 6,680,229. The company has a market capitalization of $251.19 billion, a price-to-earnings ratio of 42.97, a PEG ratio of 2.58 and a beta of 1.42. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12 month low of $227.77 and a 12 month high of $369.00. The company's fifty day simple moving average is $266.92 and its 200 day simple moving average is $303.86.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. Salesforce's revenue was up 7.6% compared to the same quarter last year. During the same period last year, the business earned $2.44 EPS. Equities analysts predict that Salesforce, Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were paid a $0.42 dividend. This is an increase from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend was Thursday, April 10th. Salesforce's dividend payout ratio (DPR) is 25.98%.

Salesforce Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.